How Did Depositors Respond to COVID-19?
研究发现，新冠疫情感染率高的地区，银行分支机构的存款利率下降更多，原因是家庭对未来失业和收入损失的焦虑导致其减少支出、增加存款。
Abstract Why did banks experience massive deposit inflows during the pandemic? We discover that deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell by more than rates at branches—even branches of the same bank—in counties with lower infection rates. Credit drawdowns, national policies, such as the Payment Protection Program, and a flight-to-safety do not account for these cross-branch changes in deposit rates. Evidence suggests that higher local COVID-19 infection rates are associated with households’ greater anxiety about future job and income losses, anxiety that induces households to reduce spending and increase deposits.